DEFINITIONS & INTERPRETATIONS

The following definitions, interpretations and expressions shall apply to all Contracts, references
and business dealings with BID4U.

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Land

means freehold land, including a strata lot or leasehold land, together with all buildings and other improvements upon that land.

Livestock

means cattle, horses, sheep, pigs and goats.

Location Fee

means a GST inclusive professional service fee, as outlined in the Fee Outline, charged by Bid 4 U for providing the following professional services during the Exclusive Rights Authority period: 

  • Locating and bidding on a lot on a Client’s behalf, whether or not Bid 4 U enters a bid or is the successful bidder, and includes entering into negotiations with the Auctioneer or seller, on the Client’s behalf, where Bid 4 U is the under bidder; or,
  • Locating and negotiating the purchase of a lot with the Auctioneer on the Client’s behalf prior to auction; or,
  • Locating and negotiating the purchase of an item on the Client’s behalf with a seller, whether or not Bid 4 U is able to successfully negotiate the purchase.

Where Bid 4 U is the successful bidder or successfully negotiates the purchase of a lot or item on a Client’s  behalf a Success Fee, being a small percentage of the hammer price or purchase price, including GST, as outlined in the Fee Outline, will also be applied to each lot or item purchased.

Lot

means the number ascribed to a vehicle or item being auctioned.

Lot Description

means the description of the lot provided by the Auctioneer in the auction catalogue or in the Terms and Conditions of Sale.

Lot / Item Condition

means the condition of a lot or item as described in the auction catalogue or in the Terms and Conditions of Sale.

Lot Number

means an identification number ascribed by the Auctioneer to a lot in order to differentiate the lot from other lots at auction.  Most ascribed lot numbers are numerical, however, sometimes both numerical and alphabetical
combinations are used, particularly when the two or more items are either very similar or form part of a pair or set that is being auctioned separately.
 

For Example:  A pair of vases being auctioned separately may be ascribed lot numbers; 100A and 100B respectively.

Lowest Possible Price

means any price, which Bid 4 U considers appropriate to bid and/or negotiate for a lot and/or Price item, up to but not exceeding a Client’s Maximum Bid.

 


 

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These definitions and interpretations may be subject to review and change from time to time

 


 

*MTA Member Bidding Service DL: 18363*